Virginia surpasses $404 million in gross sports wagering 

Finance News

The Virginia Lottery has released its report on sports wagering activity for May.

Virginians wagered nearly 404 million dollars between May 1st and May 31st, which is about 15 percent higher than last May. Bettors won over 355 million dollars.

State law places a 15 percent tax on sports betting activity based on each permit holder’s adjusted gross revenue, which means over 6.1 million dollars in taxes were paid to the general allocation fund and another 157-thousand dollars was earmarked for the Problem Gambling Treatment and Support Fund Allocation.